New York Times building Manhattan

The New York Times is consolidating its headquarters to cut costs and open up floors for new tenants, the company said Friday.

This comes in a year when The Times is offering yet another round of buyouts, as the company works to shift its business model to be less reliant on print.

The headquarters, which is located at 620 Eighth Avenue in New York, will move roughly 400 employees out of the building to a “nearby space.”

WWD has learned that the space will likely be the Time & Life Building, which was inhabited by Time Inc. before it moved to its new headquarters at Brookfield Place last year.

A Times rep did not immediately return requests seeking comment.

Those impacted will include marketing, technology, the newsroom, news services, corporate finance and print products and services pre-press operations, which will move by the end of 2017.

In a memo to staff Friday, president and chief executive officer Mark Thompson and publisher and chairman Arthur Sulzberger Jr. said: “When we moved into our new building 2007, we saw it as a modern headquarters for a modern New York Times. We still feel that way. But as Mark mentioned in the State of The Times last month, after a good deal of consideration, we have determined that the way that we use our headquarters needs to evolve to better match the changes you and your colleagues have been driving across every part of the company. The current way we have configured our office makes us slower and less collaborative. It is also, frankly, too expensive to occupy this many floors when we don’t truly need them.”

The execs said in the note that the changes will give The Times “a substantial financial benefit.” Employees will vacate “at least eight floors,” allowing it to “generate significant rental income.”

According to sources, all the glass offices in the headquarters will be eliminated. As a result of the construction, some executives are currently sharing offices.

The company said the redesign will introduce more common spaces, and will “do away with big corner offices,” such as the ones on the 16th and 17th floors, which are the publisher’s and ceo’s offices.

“We don’t need to preserve those vestiges from a different era, so we won’t,” the memo said.

Architecture and interior design firm, Gensler, which worked on Condé Nast’s offices in One World Trade, will help The Times redesign the workplace beginning early next year, and will begin on select floors below 14. By the end of next year, The Times said it expects to have consolidated occupancy the lower floors, but it will keep the cafeteria and the conference rooms on 15.